Israel's banking revolution a tremendous opportunity - Bank Discount CEO

• Published date: 13 October 2021
• Author: ALAN ROSENBAUM
• Publication title: Jerusalem Post, The: Web Edition Articles (Israel)

Today's consumers, said Levin, who are accustomed to the type of service provided by companies such as Netflix and Amazon, expect better service and better offerings.

"This is the real reason," said Levin, "that banking is going through this change."

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Levin stated that while banks will remain as permanent fixtures in the financial world, banking methods will change dramatically.

"We must be able to provide our clients top-tier solutions that other players are providing," Levin stated. He said that banks must transform the way that they work with their clients.

"Without providing a great customer experience, we don't have the right to exist," said Levin.

He noted that mid-size banks, such as Discount, are in an excellent strategic position to succeed in today's competitive marketplace, due to their combination of flexibility and relatively large size.

As an example, Levin cited Discount's Paybox service, which was established as a separate company.

"We are going to compete with all the banks...